According to Zacks, “PNC Financial’s estimates have been relatively stable ahead its third-quarter 2016 earnings release. The company has positive record of earnings surprises in recent quarters. Notably, management projects net interest income and fee revenue to remain stable on a sequential basis in the third quarter. Further, the company remains focused on driving operational efficiency through its continued expense management. However, amid the still low rate environment, muted growth in net interest income and continued margin pressure remain key concerns. Also, stringent regulatory requirements and legal costs pose a near-term headwind.”
PNC has been the topic of several other reports. BMO Capital Markets upgraded shares of PNC Financial Services Group from a market perform rating to an outperform rating and upped their price target for the company from $94.00 to $101.00 in a research note on Monday, September 19th. They noted that the move was a valuation call. Vetr upgraded shares of PNC Financial Services Group from a hold rating to a buy rating and set a $94.63 price objective on the stock in a research note on Wednesday. Jefferies Group reiterated a hold rating and set a $94.00 price objective (up from $88.00) on shares of PNC Financial Services Group in a research note on Monday, September 26th. Barclays PLC reiterated a hold rating and set a $97.00 price objective on shares of PNC Financial Services Group in a research note on Tuesday. Finally, Raymond James Financial Inc. upgraded shares of PNC Financial Services Group from an underperform rating to a market perform rating in a research note on Thursday, October 6th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating and eleven have given a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus price target of $96.65.
PNC Financial Services Group (NYSE:PNC) traded down 0.25% during midday trading on Thursday, hitting $87.72. 1,859,488 shares of the company were exchanged. The stock has a market capitalization of $43.11 billion, a PE ratio of 12.10 and a beta of 0.91. PNC Financial Services Group has a one year low of $77.40 and a one year high of $97.50. The firm’s 50-day moving average price is $89.74 and its 200-day moving average price is $86.17.
PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Friday, October 14th. The company reported $1.84 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.78 by $0.06. PNC Financial Services Group had a net margin of 24.32% and a return on equity of 9.22%. The business had revenue of $3.83 billion for the quarter, compared to the consensus estimate of $3.83 billion. During the same period in the prior year, the company posted $1.90 earnings per share. PNC Financial Services Group’s revenue was up .9% compared to the same quarter last year. Equities research analysts anticipate that PNC Financial Services Group will post $7.10 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 7th. Shareholders of record on Monday, October 17th will be issued a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a yield of 2.50%. The ex-dividend date of this dividend is Thursday, October 13th. PNC Financial Services Group’s dividend payout ratio is 30.26%.
In other news, Director Daniel Hesse acquired 500 shares of the business’s stock in a transaction on Thursday, July 21st. The shares were purchased at an average cost of $82.44 per share, with a total value of $41,220.00. Following the acquisition, the director now directly owns 1,100 shares of the company’s stock, valued at $90,684. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Michael J. Hannon sold 33,000 shares of PNC Financial Services Group stock in a transaction on Monday, August 8th. The stock was sold at an average price of $86.49, for a total transaction of $2,854,170.00. Following the transaction, the insider now directly owns 87,573 shares in the company, valued at $7,574,188.77. The disclosure for this sale can be found here. Company insiders own 0.57% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. Wellington Management Group LLP increased its position in PNC Financial Services Group by 0.3% in the first quarter. Wellington Management Group LLP now owns 41,611,853 shares of the company’s stock worth $3,519,114,000 after buying an additional 120,334 shares in the last quarter. Prudential PLC boosted its stake in PNC Financial Services Group by 2.8% in the first quarter. Prudential PLC now owns 1,890,084 shares of the company’s stock worth $159,845,000 after buying an additional 51,101 shares during the last quarter. Geode Capital Management LLC boosted its stake in PNC Financial Services Group by 1.8% in the first quarter. Geode Capital Management LLC now owns 4,019,685 shares of the company’s stock worth $339,245,000 after buying an additional 70,023 shares during the last quarter. Baker Avenue Asset Management LP boosted its stake in PNC Financial Services Group by 3.0% in the first quarter. Baker Avenue Asset Management LP now owns 4,739 shares of the company’s stock worth $401,000 after buying an additional 139 shares during the last quarter. Finally, Riverhead Capital Management LLC boosted its stake in PNC Financial Services Group by 153.3% in the first quarter. Riverhead Capital Management LLC now owns 86,373 shares of the company’s stock worth $7,304,000 after buying an additional 52,278 shares during the last quarter. 80.22% of the stock is currently owned by hedge funds and other institutional investors.
PNC Financial Services Group Company Profile
The PNC Financial Services Group, Inc (PNC) is a diversified financial services company in the United States. The Company operates through six segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, Residential Mortgage Banking, BlackRock and Non-Strategic Assets Portfolio.
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